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NOVO RES CORP (NSRPF) is a leading mineral exploration company with a focus on gold projects. The company has achieved significant exploration success in its Nunyerry North project, with high-grade results indicating the potential for a major gold project. Novo is also involved in the Becher Project through its Egina earn-in/JV with De Grey, showing promising results. With a strong financial position, Novo is set to continue aggressive exploration across its Karratha district, aiming to deliver exciting news throughout 2024.
Novo has initiated a strategic project generation program to identify valuable opportunities in precious and base metals assets that complement its current portfolio. The company's dedication to exploration and development is evident in its ongoing drilling programs and promising results, positioning Novo as a key player in the mining industry.
Novo Resources Corp. (OTCQX: NSRPF) has announced successful results from its new basin-wide exploration strategy in the Mosquito Creek Basin (MCB) in Western Australia. The exploration has identified promising high-priority targets at Finucane and Sayshell, with gold assays reaching up to 907 ppb. Surface rock sampling at Sayshell yielded impressive results of 66.6 g/t and 26.5 g/t gold, with over 240 grams recovered from surface nuggets. Plans for 2023 include aircore drilling at these sites. The new strategy aims to explore under-researched areas, estimating the potential to host more than 100 koz gold, enhancing the company’s exploration portfolio.
Novo Resources Corp. has received approval from the Australian Foreign Investment Review Board for its binding term sheet with the Creasy Group. The company issued 8,431 shares to the Creasy Group in exchange for a 100% interest in mining lease 45/202 and a 70% interest in mining lease 45/1163, consolidating its Bamboo Creek and Strattons Project areas in the Pilbara region. The Creasy Group now holds 5.2% of Novo's outstanding shares. Initial exploration work was conducted in late 2022, with results pending. The projects are prospective for orogenic gold, silver, and base metal mineralization.
Novo Resources Corp. (OTCQX: NSRPF) has withdrawn its appeal against the Western Australia Environmental Protection Authority's decision related to its Phase Two Fresh operations at the Beatons Creek project. This proposal will now undergo assessment by the Western Australian Department of Mines, Industry Regulation and Safety. Novo is engaged in exploring and developing a 10,500 square kilometer area in the Pilbara region, focusing on the Beatons Creek gold project and other joint ventures in Victoria.
Novo Resources Corp. (OTC: NSRPF) announced that the GDXJ VanEck Junior Gold Miners ETF liquidated its entire 3.8% stake, approximately 9.6 million shares, on December 16, 2022. This coincided with a notable trading volume of 16.3 million shares. Despite this setback, Novo remains optimistic about the future, emphasizing its exploration-driven growth strategy in the Pilbara and Victoria regions. The company is poised to explore new targets and has welcomed Liatam Mining Pty Ltd as a significant shareholder with a C$5 million investment.
Novo Resources Corp. (OTCQX: NSRPF) has filed a technical report pursuant to NI 43-101 concerning its Beatons Creek gold project in Western Australia. This report, effective June 30, 2022, and issued on December 16, 2022, was authored by qualified professionals. It is available for review on SEDAR and the company's website. Novo continues to explore its extensive land package in the Pilbara region, aiming to enhance stakeholder value through geological expertise.
Diamond drilling at NRV06 intersected extensive zones of disseminated Ni and Cu sulphides, with preliminary assays indicating up to 0.95% Ni and 0.25% Cu. At Morto Lago, notable intercepts include: 3 m @ 3.35 g/t Au, 4 m @ 6.74 g/t Au, and 5 m @ 1.73 g/t Au. Drill results from the Milburn anomaly yielded significant Cu, Ni, and Co assays, providing optimism for future exploration in the Karratha District. Novo Resources is committed to ongoing drilling and downhole EM surveys to enhance its exploration strategy, reinforcing its position in the Pilbara region.
Novo Resources Corp. (OTC: NSRPF) faces challenges in 2022 due to supply chain issues and inflation affecting the mining industry. Operations at the Nullagine gold project are on care and maintenance pending approvals. Despite market volatility, the company secured C$125.9 million from selling shares in New Found Gold Corp., eliminating debt and bolstering a cash balance of C$52 million. Plans for 2023 involve aggressive exploration in Western Australia, including promising targets at Becher and Nunyerry North. Novo remains focused on ESG objectives and responsible operations.
Novo Resources Corp. has initiated reverse circulation drilling in the Becher Area, targeting potential gold deposits in the Mallina Basin. Two rigs have commenced testing within 216 sq km, following positive aircore drilling results, including 4 m @ 4.02 g/t Au. The RC drilling program has so far completed 12 holes totaling 1,109 m and identified multiple zones of alteration. With over 1,120 AC drill holes completed, the company aims to exceed its planned 30,000 m drilling target. The program will pause from mid-December 2022 until March 2023 due to wet season conditions.
Novo Resources Corp. announced high-grade assay results from its 11-hole, 3,162 m diamond drilling program at the 50%-owned Malmsbury gold project in Victoria, Australia. Notable results include:
- 3.1 m @ 9.27 g/t Au from hole MD20
- 8.1 m @ 5.79 g/t Au from hole MD21
- 6.2 m @ 3.92 g/t Au from hole MD21
- 45 m @ 0.23 g/t Au from step-out hole MD22
The results confirm the project's exploration potential, and an induced polarization survey is underway to further evaluate gold mineralization.
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